Elon Musk Challenges Warren Buffet's Candy Empire With Cryptocandy

08 May, 2018, 00:50 | Author: Genevieve Gibbs

"I think moats are lame", Musk told analysts on Tesla's first-quarter earnings call Wednesday. "They're like nice in a sort of quaint, vestigial way". If your only defense against invading armies is a moat, you will not last long. What matters is the pace of innovation.

Presented with Musk's comment, Buffett acknowledged that the acceleration of technological advancement in recent years has made more moats vulnerable and "susceptible to invasion".

Buffett responded over the weekend by saying that moats are still working for certain companies, despite technological advancements. The legendary investor said that "Elon may turn things upside down in some areas". He added that Musk wouldn't want to take on Buffett's company at making candy. Presumably because Buffett likes to invest in companies that have large moats-not physical ones but of the business variety-which Musk referred to as an oligopoly, or a business market where there's limited room for any competition.

Warren Buffett explains why he doesn't own Microsoft sharesBoth men now oversee about half of Berkshire's operating companies. "Cryptocurrencies will come to bad endings", said Buffett, 87. William Robertson, a Scotland native who now fights fires and does forestry work in Switzerland, said he lined up at 11:30 p.m.

With Berkshire's 2018 annual meeting in the books, users can revisit the highlights in CNBC'sWarren Buffett Archive, which houses searchable video from 25 full annual meetings, going back to 1994, synchronized to 2600 pages of transcripts.

As technology hasn't marched far enough yet to concoct such organic-robot creatures, it is certainly feasible that Elon Musk could manage to use a human brain interface of some kind if he is truly intent on these cyborg dragons. Is he actually being serious or just trolling Warren Buffett over the concept of moats? "Berkshire Hathaway kryptonite", he continued.

Meanwhile Twitter couldn't contain its excitement over sweets made by none other than Elon Musk as he got thousands of retweets.

Both Buffett and Munger loathe cryptocurrencies, which the Berkshire CEO on Saturday predicted "will come to bad endings".

Tesla founder Musk replied through Twitter that he was "starting a candy company & it's going to be unbelievable", joking later that he would build a moat and fill it with candy.

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